问题如下图：
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解释：
题目中说，第五年分红2.5，thereafer才开始持续增长，也就是在第六年开始，才进入stage2，所以分子上难道不是应该用D5*1.05，然后往回zhe折5年吗？
NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83B.$35.71C.$22.69C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69为什么不是 2.5*1.05/7%
NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 老师，这道题我读完题把它理解成了三阶段的Mol，我把第5年单独作为了一个阶段，然后5年乘增长率，然后求出PV，再用CF求最后值，这样可以么？2）1-4年是没红利，CF1-CF4不输入零，可以么？
NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 前面方法跟答案解析一直，我用CF的方法 求NPV，CF01到CF04都输入0，CF5输入35.71， I/Y12, 最后NPV算出来等于20.268，请问老师 我哪里错了吗？
NO.PZ2018103102000076 问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69 请问老师，为什么不用加前面2.5/1.12+2.5*1.05/1.12^2+...那些？
NO.PZ2018103102000076问题如下 Company M`s vin are suspenfor the first four years because of the significant growth opportunity. The management states ththe company will pthe vinof $2.5 per share ring the fifth year. Thereafter, the vinwill continue to grow 5% per yeinto the infinite future. The requirerate of return is 12%. What`s the intrinsic value of Company M`s stock? A.$20.83 B.$35.71 C.$22.69 C is correct.考点vinscount mol解析:P4=r−g=2.512%−5%=$35.71V0=P4(1+r)4=35.711.124=$22.69P_4=\frac{5}{r-g}=\frac{2.5}{12\%-5\%}=\$35.71\\V_0=\frac{P_4}{\left(1+r\right)^4}=\frac{35.71}{1.12^4}=\$22.69P4=r−g=12%−5%2.5=$35.71V0=(1+r)4P4=1.12435.71=$22.69如果我没理解错的话。。题目的意思是前五年每年分红2.5元（即==···==2.5），开始增长5%，为什么至不折现？
